Stocks to Watch: IndiGo, Adani Group, LIC and Others in News

Equity benchmark indices touched their all-time high levels on Thursday, driven by fag-end rally in index majors Reliance Industries and Tata Motors. Heavy buying in energy and FMCG stocks also boosted the domestic market sentiment.

The BSE Sensex jumped 349.05 points or 0.43 per cent to settle at an all-time closing high of 82,134.61, after hitting a lifetime intra-day peak of 82,285.83. The NSE Nifty surged 99.60 points or 0.40 per cent to settle at a new closing high of 25,151.95, after touching a fresh record intra-day peak of 25,192.90. Sector-wise it was a mixed bag with buying in Oil & Gas, FMCG, and Auto.

“Focus during the day remained on Reliance AGM wherein the company announced to consider 1:1 bonus along with various other strategic investments. Market continued its winning streak for the 11th consecutive day and we expect this gradual uptick to continue with Nifty making fresh highs day on day. This will be supported by India’s rating being maintained globally (Rating agency Fitch affirmed India’s rating at 'BBB-' with a stable outlook) on the back of a strong medium-term growth outlook and strengthening fiscal credibility,” said Siddhartha Khemka, head of research, Wealth Management at Motilal Oswal Financial Services Ltd.

Here are the key stocks to watch on August 30:

InterGlobe Aviation (IndiGo): Promoter entity The ChinkerPoo Family Trust (whose trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware) sold a 5.24 per cent stake in IndiGo, for a total amount of Rs 9,549 crore. Morgan Stanley Asia (Singapore) Pte bought a 0.74 per cent stake in the company at an average price of Rs 4,714.9 per share, for a total of Rs 1,345.6 crore.

Adani Group: The Adani Group has infused around Rs 2,000 crore in the Dharavi Redevelopment Project (DRP), the largest slump redevelopment initiative in Asia, which covers 640 acres. The project is a joint venture between Gautam Adani-led Adani Group and the Maharashtra Government. Adani Group, as a lead partner, is responsible for constructing residential and commercial units for the project. The group received final approval for the project in 2023 after winning the bid in 2022.

Life Insurance Corporation: The state-owned insurance giant said it has received a demand order from the Deputy Commissioner of State Tax, Mumbai, amounting Rs 605.69 crore for the financial year 2019-20. This order includes goods and services tax (GST) of Rs 294.43 crore, interest amounting to Rs 281.71 crore, and a penalty of Rs 29.45 crore.

Infosys: The IT major announced the expansion of its collaboration with Nvidia for AI-powered, customer-centric solutions to drive innovations and operational excellence for telcos. Infosys Topaz also uses NVIDIA Riva, for building real-time conversational AI pipelines that allow for real-time transcription and translations for call center agents.

RVNL: The state-owned company has signed a Memorandum of Understanding (MoU) with Patel Engineering to cooperate and create an enabling framework for achieving synergies in the areas concerning hydro and other infrastructure projects and when opportunities arise in India and overseas, the company said in an exchange filing.